GLCs still attracting controversies
The latest billion-ringgit issue pertaining to the RM9 billion Littoral Combat Ship (LCS) involving Boustead Heavy Industries Corporation Berhad (BHIC) is not surprising given its history in relation to its cost overruns and inability to deliver on time.
In January 2022, the Malaysian Anti-Corruption Commission (MACC) had arrested several individuals including a businessman, an official from BHIC and a chief executive officer of a company to further assist with the investigations on the controversial LCS project.
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Concerns abound over Genting HK spill-over effect on Genting Bhd and Genting Malaysia
News flow gained momentum that billionaire Tan Sri Lim Kok Thay had stepped down as Genting Hong Kong Limited (Genting HK) chairman and chief executive officer on 24 January – just days after the cruise operator filed to wind up its business as it failed to secure funding to pay off its debts. Both the stocks of Genting Bhd and Genting Malaysia Berhad were subject to knee-jerk reaction from investors (from foreign funds to local institutions to retailers).